1. The Hudson River Regulating District and the Black River Regulating District created pursuant to this article are hereby consolidated into a single district, to include the areas of both such districts, and to be known as the Hudson River-Black River Regulating District.
2. Except as hereinafter provided, the board of the Hudson River Regulating District and the board of the Black River Regulating District are hereby abolished, and all of the jurisdiction, functions, powers, duties and obligations possessed or exercised by, or for which commitments have been made by, such boards, including lands or property acquired, moneys of the boards, and actions taken or determinations made by such boards, are hereby transferred to, assigned to and devolved upon the Hudson River-Black River Regulating District and its board.
3. Notwithstanding any provision of titles 21, 23 and 25 of this article, a board of the Hudson River-Black River Regulating District is hereby created to consist of seven members to be appointed by the governor not less than three of whom shall be residents of the territory comprising the Black River area and not less than three of whom shall be residents of the territory comprising the Hudson River area. The governor shall appoint one member for a term ending September 1, 1960, one for a term ending September 1, 1961, one for a term ending September 1, 1962, one for a term ending September 1, 1963, and one for a term ending September 1, 1964, and thereafter, on the expiration of their respective terms of office, appointments shall be made for terms of five years. The governor shall appoint two additional board members, each of whom shall serve for a term of five years from the effective date of his or her appointment; provided, however, that the board members first appointed on or after the effective date of the chapter of the laws of two thousand five which amended this subdivision shall serve an initial term of two years from the effective date of such appointment. The governor shall fill any vacancy on such board within thirty days after it occurs for the remainder of the term of office.